DBP backs Baguio City market redevelopment

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January 31, 2026 | 12:00am

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) is open to financing the redevelopment of Baguio City’s century-old public market following the withdrawal of a private proponent from a planned public-private partnership.

DBP president and CEO Michael de Jesus said the bank is prepared to partner with the Baguio City local government to fund the construction of a multi-story complex that would replace the existing public market, which dates back to 1913 and has undergone several reconstructions over the years.

“DBP is keen to support the redevelopment of the Baguio City public market and is prepared to finance the project,” De Jesus said in a statement.

“As a development bank, we actively pursue local government initiatives that spur economic growth, modernize public infrastructure and provide meaningful support to micro, small and medium enterprises,” he said.

Baguio City officials earlier said that the proposed redevelopment by a private entity would no longer proceed after the proponent pulled out amid mounting opposition from various stakeholders.

The project forms part of the city’s efforts to optimize the economic value of its public assets and stimulate local economic activity.

De Jesus said the redevelopment could be funded through the bank’s Assistance for Economic and Social Development or ASENSO program for local government units, which provides financing support to local government units for initiatives aimed at accelerating infrastructure development and socio-economic growth.

As of Nov. 30, 2025, DBP has approved more than P165 billion in credit assistance to LGUs nationwide, supporting projects in education, public health, access and mobility, disaster mitigation, public security and other priority areas.

DBP is the ninth largest bank in the country in terms of assets and focuses its lending on four strategic sectors: infrastructure and logistics, MSMEs, the environment and social services as well as community development.

“DBP is one with the Baguio City leadership in implementing projects that would redound to the benefit of its citizens, even as we look for more avenues of cooperation and collaboration with other LGU partners for their own socio-development programs,” De Jesus said.